Elo partners with Sonae Sierra, Allianz and APG to invest in Iberian malls

The joint venture, which is Elo's first investment in Iberian malls, has a gross asset value exceeding EUR 3 billion.

Portuguese investment manager Sonae Sierra, Elo, Allianz and APG jointly now own six malls in the Iberian Peninsula. | Photo: Sonae Sierra

Elo Mutual Pension Insurance has agreed with Portuguese investment manager Sonae Sierra, Allianz and Dutch pension provider APG to form a new strategic joint venture. The venture comprises of six flagship shopping centres in Spain and Portugal with a total gross asset value exceeding EUR 3 billion.

Each investor will have a 25 percent economic interest in the joint venture and the transaction is expected to generate cash proceeds of approximately EUR 525 million for Sonae Sierra and APG.

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